Inhibrx(US:INBX) Prnewswireยท2024-08-13 22:54Core Insights - Inhibrx Biosciences, Inc. reported significant financial results for Q2 2024, highlighting a strong performance following its separation from the former parent company [1] Separation from the Former Parent - In January 2024, the former parent company announced the spin-off of INBRX-101, a therapy for alpha-1 antitrypsin deficiency, which was completed on May 30, 2024 [2][3] - The transaction involved transferring all assets and liabilities related to INBRX-101 to Aventis Inc., a subsidiary of Sanofi, while Inhibrx acquired assets and liabilities associated with its ongoing programs [3] - Former parent stockholders received $30.00 per share in cash, contingent value rights, and shares of Inhibrx Biosciences [4] Financial Results - As of June 30, 2024, Inhibrx had cash and cash equivalents of $226.9 million, down from $255.4 million on May 30, 2024, primarily due to distribution payments [7] - Research and development expenses increased to $67.6 million in Q2 2024 from $34.1 million in Q2 2023, driven by stock option expenses and increased CMC expenses [8] - General and administrative expenses surged to $93.4 million in Q2 2024 from $7.3 million in Q2 2023, largely due to legal and advisory fees related to the separation [10] - Other income for Q2 2024 was reported at $2.0 billion, a significant increase from an expense of $5.7 million in Q2 2023, attributed to gains from the separation transaction [11] - The net income for Q2 2024 was $1.9 billion, or earnings per share of $127.10, compared to a net loss of $47.1 million in Q2 2023 [12] Company Overview - Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a pipeline of novel biologic therapeutic candidates in oncology, utilizing advanced protein engineering methods [13]